Gold Holds Near $1400 As Dollar Slips

Gold futures remained steady near $1400 an ounce in the Asia electronic session today supported by the fall in the US Dollar.
The U.S. dollar slipped against the euro and the Japanese yen early Tuesday. Against the Japanese yen, the dollar hit an intraday low of ¥98.01. It later recovered to buy ¥98.15, but remained below late Monday’s level of ¥98.68.
The euro meanwhile, rose to $1.3377 from $1.3369 late Monday in North America. The ICE dollar index, which measures the U.S. currency against six counterparts, fell to 81.371 on Tuesday from 81.385.
In Asia, Hong Kong’s Hang Seng Index slipped 0.1%, while Japan’s Nikkei Stock Average and Australia’s S&P/ASX 200 shed early losses to trade flat in choppy trade, and South Korea’s Kospi edged up 0.1%. Meanwhile, the Shanghai Composite Index rose 0.2%, adding to Monday’s 1.9% jump after official data showed industrial profits at Chinese firms continued to rise in July.
Gold for December delivery is trading up $4.2 at $ 1397.3 an ounce on the Comex division of the New York Mercantile Exchange. The metal traded as high as $1407 today. Yesterday, it fell $2.70, or 0.2%, to settle at $1,393.10 an ounce.
The July orders for durable goods fell by more than expected and after a report Friday showed sales of new U.S. homes slid in July. The data added fuel to the debate over whether the Fed will start tapering in September or hold off until later in the year if officials see growth stalling.
MCX October gold futures may open today’s session near Rs 31970 levels with support near Rs 31850 and resistance near Rs 32420-32490 levels.

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